PFR Biznest

PFR Biznest is a programme aimed at boosting the activity of business angels in Poland and encouraging them to invest in young, innovative companies.

PFR Biznest is aimed at Venture Capital management teams that plan to invest in companies at an early stage of development (seed, pre-seed) together with business angels with adequate capital and experience, taking minority stakes in companies.

The capitalizstion of Biznest funds can range from PLN 15 mln to PLN 45 mln, with managing partners contributing at least 2%. For each fund investment in a portfolio company, private investors contribute at least 40% of the total value of the contributions, of which business angels are required to contribute at least 25% of the private pool.

* a contribution from independent angel investors of at least 10–25% of the private pool, depending on the model

The fund can be established in two models:

The first model assumes that managers will engage external private investors, including at least one business angel, for each investment. This model is available in variants designed for: 

• management teams in which at least two managing partners are fully committed to the fund on a full-time basis, and
• angel syndicate organizers, 
• managers of existing commitment funds who invest alongside business angels,

with reduced requirements regarding the time commitment of fund managing partners in variants 2 and 3, while featuring a different management fee structure.

The second model assumes that the managing partners include one or more business angels who provide a significant portion of the capital for each investment (between 15% and 75% of the private pool, in a fixed proportion). For the remaining portion of the private pool, the fund is required to secure at least one independent business angel who will commit to at least 10% of the private pool. Under this model, it will be possible to operate the fund as a so-called “solo GP,” with reduced requirements regarding the time commitment of managing partners to the fund (one person on a full-time basis and a second person on at least a 50% basis), with a capitalization of no more than PLN 30 million.